December 24, 2021

​​$BTC 24 Hour High $51,398
$BTC 24 Hour Low $48,050
$BTC +4.4% past 24 hours; +3.7% past 7 days

Santa’s early gift: $BTC surges above $50K 

Good morning! $BTC made some headway as it soared above the $50K level for the first time in almost two weeks. The Crypto Fear and Greed Index rose from 34 to 41 today, the second-highest level in December. We may see things start turning around heading into the new year. 

After a 5% move up overnight, $BTC is now trading at $50,800, with the 200D MA holding nicely as support. Bullish momentum has started to pick up as the daily RSI soared to 50. The $50K level has now flipped into near-term support, while the previous monthly and weekly lows of $43K and $46K act as support. We could see another rally, should we break the $53K and 56K regions which $BTC saw significant resistance in the past.

$ETH also gained some ground yesterday after breaking above the $4,000 levels. While trading at $4,100 currently, $ETH’s 200D MA continues to trend upwards nicely. With the RSI rebouncing to 50, expect $ETH to pick up some steam again. The $4,000 level has flipped into local support, with the $3,600-3,800 region providing additional support. Previously a significant amount of range trading activity took place in the entire $4,200-4,400 zone, and we could see the same thing happening again as more people are jumping back into the markets. Keep an eye on the trading volumes though, as they are still relatively low across the major pairs.

The ETH/BTC pair is now taking a bit of a dive and trading at 0.08. In the previous market rallies $BTC usually led the way before altcoins started to rally, a similar scenario may start taking place.

According to Block Research’s “2022 Digital Asset Outlook” report, $BTC miners made over $15B in revenue during 2021. This marks an estimated increase of 206% year-on-year, taking into account that mining companies trade out of their digital assets to pay for operating expenses such as electrical power, running expenses, etc. while some miners hold on to their mined assets. Throughout 2021, $BTC mining revenue was enhanced by soaring prices during the May rally and again with $BTC hitting ATHs in early November.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.5T, +3.5% from yesterday
  • $BTC is +4,35% at time of writing; 24H liquidations and funding rates: $73.7M, +0.00780% average
  • $ETH is +2.97% at time of writing; 24H liquidations and funding rates: $15.7M, +0.01759% average
  • Stablecoins market dominance: USDT 47.18%; USDC 25.98%; BUSD 8.89%; TerraUSD 5.84%; DAI 5.48%

Alts and DeFi watch:

  • DeFi TVL: $101.88B
  • $SOL +6.6% in the last 24 hours, +6.6% in the past week 
  • $SHIB +10.4% in the last 24 hours, +14.0% in the past week
  • $SAND +23.2% in the last 24 hours, +21.2% in the past week
  • $ENJ +14.2% in the last 24 hours, +18.8% in the past week

More news that caught our eye:

OSL Trader View is contributed by Terrance Leung, Stefan von Haenisch & Ethan Fu.

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